Good points.

From an investment point of view it is usually possible to get the tokens later at a great discount compared to the ICO. Another advantage is that you then have complete control of your money for the time while you wait for the ICO to finish and the token hits an exchange. Then you don't tie up capital for a long time, which could have been working for you in the meantime.

The only ICO I have participated in was TAAS, because I knew that they would not be holding my money for very long and I could sell out at an exchange quite soon if I wanted to.

One thing I did was to disregard the higher bonus of investing earlier for waiting until it was about to close. Market share is important in terms of value and I see many coins ending up far too expensive because of excessively high investments going into it. When I was relatively sure the ICO would close cheaply enough, I went in.